Dubai World To Sell Overseas Assets, Retain Private Equity Arm

With Dubai's debt reaching the
$50 billion mark, the country's conglomerate, Dubai World, has
set its liquidation plans:

FT: Abdulrahman al-Saleh, director-general of the department
of finance, said that as part of Dubai World’s $26bn debt
restructuring, the holding company would sell some of its foreign
investments and real estate assets, which include the QE2 cruise
liner and Cirque du Soleil, the Canadian circus operator.

Sounds good and all, until you realize all the profitable stuff
is tied up with PE part, Istithmar:

However, the group has said it does not intend to include private
equity arm Istithmar and DP World, the profitable ports operator
which includes P&O, or Jebel Ali Free Zone, the operator of
one of Dubai’s key economic development zones, within the
restructuring process.

Istithmar has assets across the world, from New York retailer
Barney’s to the V&A Waterfront, a retail and property
development in South Africa.